Werewolf Therapeutics, Inc. (HOWL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-2.6%

$1.02

vs $1.05 price

Levered DCF

$1.04

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-26.12

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-0.48×	-0.91×	-3.68×	-1.1×	-1.09×	-16.43×	-42.37×
P/B	1.18×	0.87×	1.24×	0.48×	1.44×	5.17×	47.24×
P/S	0×	34.02×	6.9×	3.61×	0×	0×	0×
EV / EBITDA	0.36×	0.15×	-1.7×	1.05×	-1.57×	-24.95×	-45.35×
Gross margin	0.0%	3.8%	91.2%	84.7%	0.0%	0.0%	0.0%
Operating margin	0.0%	-3904.2%	-203.1%	-341.8%	0.0%	0.0%	0.0%
Net margin	0.0%	-3740.8%	-187.4%	-328.1%	0.0%	0.0%	0.0%
Current ratio	1.62×	7.45×	7.14×	5.84×	13.56×	17.58×	8.84×
Debt / equity	0.38×	0.51×	0.47×	0.12×	0.1×	0.03×	0.32×
Interest coverage	-11.5×	-15.81×	-12.9×	0×	0×	0×	-26.71×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-245.2%	-96.1%	-33.6%	-44.0%	-32.7%	-16.7%	-112.5%
Return on invested capital	-173.4%	-65.0%	-24.7%	-40.5%	-29.7%	-24.4%	-49.1%
Return on assets	-87.6%	-55.6%	-21.4%	-33.6%	-27.9%	-15.5%	-50.7%
Free cash flow yield	-206.8%	-88.0%	-24.3%	-74.7%	-19.7%	-4.2%	-2.1%
Earnings yield	-208.6%	-110.0%	-27.2%	-90.9%	-22.7%	-3.2%	-2.4%
Enterprise value	-$19.4M	-$9.8M	$55.2M	-$55.5M	$77.9M	$371.5M	$446.7M
Net debt / EBITDA	0.9×	1.15×	2.54×	2.17×	2.85×	6.05×	1.5×
Cash conversion cycle (days)	-168	-611	-252	-23	0	-480	-499